In a significant move towards promoting transparency in the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has launched a groundbreaking initiative by introducing a Quick Response (QR code) on housing projects.
The innovative initiative will come into place from August 1, 2023, and allow homebuyers to access critical information about housing projects, including construction progress, project completion issues and deadlines, and more, by simply scanning the QR code.
This article explores the benefits of the QR code and its potential impact on buyers in Maharashtra.
Benefits of MahaRERA
Here are some of the notable benefits of MahaRERA:
Access to critical information
MahaRERA has mandated developers to provide updates on the MahaRERA project details, like construction progress and financial updates, on a quarterly and half-yearly basis. This information is included in Form 5, which homebuyers can easily access by scanning the QR code.
This can help homebuyers stay informed about the progress of their chosen projects. The transparency in construction progress and financial updates will likely foster trust between homebuyers and developers and reduce uncertainties and potential disputes.
Transparency
The integration of QR codes on project registration certificates can contribute to transparency and accountability. Homebuyers can access comprehensive project details and have access to critical information that fraudulent sellers or realtors may hide from them.
The initiative will also save homebuyers time and effort and offer them an easy and convenient way to get the necessary information to make informed decisions without having to go out of their way.
Furthermore, starting from “1st August 2023,” the promoter must prominently feature a QR code on all project promotions or advertisements. The QR code must be displayed in a legible, readable, and detectable manner using a software application. It should be published alongside the MahaRERA registration number and the website address.
This mandate applies to various mediums of promotion and advertisement, including but not limited to newspapers, magazines, journals, printed flyers, brochures, catalogues, leaflets, prospectus, standees on project sites and sales offices, websites and webpages of projects, social media advertisements, and any other mediums directed by MahaRERA where QR codes can be published. As promoters adhere to these guidelines, homebuyers can have easy access to vital project details and enhance transparency in the real estate sector.
Using the QR code for MahaRERA online
Here are the steps to use the OR code for MahaRERA-registered projects:
- Obtain the project registration certificate: The project registration certificate contains the QR code and can be obtained from the MahaRERA portal online.
- Scan the QR code: One can use a smartphone or a QR code scanning app to scan the QR code.
- Retrieve information: Once the QR code is scanned successfully, relevant project details will be displayed on the device screen.
- Review the information: Homeowners can carefully review the project details and analyse the construction progress, project timelines, and any other information that is crucial for making an informed decision about the property purchase.
In the case of any issue, one can use the conciliation forum to raise a dispute.
Ensuring a Safe Purchase Process
While the government introduces new and effective ways to ensure buyer safety and transparency, it is important for buyers also to follow the steps given below:
Conduct thorough research
It is vital for buyers to gather information on the property, developer and real estate market in the area. It is also essential to pick reputed names to ensure credibility and timely possession.
Another thing that can help is checking other properties from the realtor. For instance, Piramal Realty has multiple noteworthy constructions in Mumbai and Thane, such as Piramal Vaikunth, Mahalaxmi, Revanta, and Aranya. Buyers can take a look at the houses in these projects and align their expectations.
Get professional help
Seeking the assistance of real estate agents, property consultants, and even lawyers can be credible to get advice and guidance to ensure that the purchase process is legally sound.
Consumer protection mechanisms
Onecantake advantage of the consumer protection mechanisms, like the QR code, that can help you pick a suitable MahaRERA project and monitor its progress over time.
To Sum it Up
MahaRERA QR code can empower homebuyers and foster a more transparent and accountable process. It can bring more reliability to the real estate sector and help buyers with dispute resolution, geo-tagging, and more.
To add to its effectiveness, buyers can also select well-known names like Piramal Realty to ensure a smooth purchase process without any delays or disputes.
Take a look at Piramal Realty’s properties and their luxurious offering!
Disclaimer- This article is based on the information publicly available for general use as well as reference links mentioned herein. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim /disown any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.
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